1548 E 8th St , Kingman, KS 67068(Kingman County)

There is a current and active gas lease operating on the land that is generating a royalty income. The mineral rights to this land to transfer to the new buyer and the buyer will receive a portion of that income. The portion they will receive will be determined based upon how much acreage they purchase and the percentage that the acreage makes up of the entire land the lease is on. The royalty is a 1/8 royalty that has historically been producing payments to the owner of $750+/- a month, please note that this will fluctuate with current market prices for natural gas. If you have any questions, please contact the auction manager Please see supporting documents for gas well information.

DISCLOSURES

Property offered at ONLINE ONLY auction. | 10% Buyer's Premium will be added to the final bid. | BIDDING OPENS: Tuesday, June 14th, 2022 at 2 PM (cst) | BIDDING CLOSING: Friday, July 1st, 2022 at 2:50 PM (cst). Bidding will remain open on this property until 1 minute has passed without receiving a bid. Property available to preview by appointment.

Taxes on the individual parcels will be estimated at closing as final amounts will not be available until such time as the lot split is finalized.

Please see survey to reference parcels. Parcel 2 is not offered for auction.

Definition of 'selling by the acre': A method of sale often used for agricultural or undeveloped acreage in which bids are made based on a per acre price. By way of example, if a 160 acre parcel was offered by the acre the high bid may be $5,000 an acre. That amount would then be multiplied times the total acreage to arrive at a total sales price if $800,000. For the purposes of calculating the total sales price, the acreage will be rounded to the nearest whole acre. For example, a parcel with 158.7 acres would be offered as 159 acres.

This auction is being conducted with a reserve on each parcel. Parcels 4 and 5 are being offered separate and together, meaning there is an opportunity to bid on Parcels 4 and 5 individually or in their entirety. Parcels 4 and 5 will first be offered individually. Upon the close of each Parcel 4 and Parcel 5 auction, bidding on Parcels 4 and 5 in their entirety will begin and the starting bid will be the combined total of the high bid of Parcel 4 and Parcel 5 individually. The high bids for Parcels 4 and 5 individually will be held pending the results of the auction of Parcels 4 and 5 together.

If the high bid on Parcel 4 and 5 in their entirety exceeds the high bid on each Parcel 4 and Parcel 5, then the high bidder will be required to execute a Sales Contract to purchase both parcels. If the total high bid on Parcel 4 and Parcel 5 together does not exceed the combined high bids on the parcels individually, the high bidder on each parcel will execute their respective sales contract for that individual parcel.

IF YOU HAVE ANY QUESTIONS REGARDING THE SEPARATE AND TOGETHER AUCTION PROCESS, CONTACT THE AUCTION MANAGER PRIOR TO BIDDING.